REDWOOD SHORES (dpa-AFX) - Oracle Corporation has started laying off thousands of employees around the world as the company faces pressure from investors due to its significant spending on AI infrastructure and declining cash flow.
Reports suggest that about 30,000 jobs have been cut globally, with around 12,000 of those in India, and there might be more layoffs coming there. Employees in India were told their positions were no longer needed due to a restructuring within the organization.
Oracle is providing severance packages that include 15 days of pay for each year of service, one month's salary until their termination date, leave accrued, gratuity if applicable, notice-period pay, and an extra two months of salary for those who choose to resign voluntarily.
These job cuts come as Oracle is heavily investing in expanding its AI data centers while also managing the debt incurred for that expansion.
This year, the company's stock has dropped significantly as investors are starting to doubt whether these big investments in AI will pay off.
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